The case involves a Company Petition (IB) No. 835 of 2023 filed by State Bank of India (the Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking to initiate Personal Insolvency Resolution Process against Mr. Ishwarlal Shankarlal Lalwani (Jain) (the Personal Guarantor). The petitioner had extended credit to Rajmal Lakhichand Jewellers Private Limited, the Corporate Debtor. The Corporate Debtor defaulted in repayment, leading to the account being declared a Non-Performing Asset. The petitioner issued a demand/recall notice under SARFAESI to the corporate
…State Bank of India (SBI), the Financial Creditor, filed a Company Petition (IB) No. 835 of 2023 against Mr. Ishwarlal Shankarlal Lalwani (Jain), the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. SBI had extended financial facilities to M/s Rajmal Lakhichand Jewellers Private Limited, the Corporate Debtor, which were secured by the personal guarantee of Mr. Lalwani. The Corporate Debtor defaulted in repayment, leading to its account being classified as a Non-Performing Asset (NPA) on 29.03.2013 with an outstanding amount of Rs. 541.40 Crores. SBI issued a demand/recall notice on 20.05.2016 under the SARFAESI Act. The Personal Guarantor defaulted on payment of Rs. 5,71,41,34,813.21 as of 31.05.2022. SBI had also initiated CIRP
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The Petitioner extended Demand Cash Credit/…
The Corporate Debtor's…
The case involves a Company Petition (IB) No. 835 of 2023 filed by State Bank of India (the Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking to initiate Personal Insolvency Resolution Process against Mr. Ishwarlal Shankarlal Lalwani (Jain) (the Personal Guarantor). The petitioner had extended credit to Rajmal Lakhichand Jewellers Private Limited, the Corporate Debtor. The Corporate Debtor defaulted in repayment, leading to the account being declared a Non-Performing Asset. The petitioner issued a demand/recall notice under SARFAESI to the corporate
…State Bank of India (SBI), the Financial Creditor, filed a Company Petition (IB) No. 835 of 2023 against Mr. Ishwarlal Shankarlal Lalwani (Jain), the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. SBI had extended financial facilities to M/s Rajmal Lakhichand Jewellers Private Limited, the Corporate Debtor, which were secured by the personal guarantee of Mr. Lalwani. The Corporate Debtor defaulted in repayment, leading to its account being classified as a Non-Performing Asset (NPA) on 29.03.2013 with an outstanding amount of Rs. 541.40 Crores. SBI issued a demand/recall notice on 20.05.2016 under the SARFAESI Act. The Personal Guarantor defaulted on payment of Rs. 5,71,41,34,813.21 as of 31.05.2022. SBI had also initiated CIRP
…The Petitioner extended Demand Cash Credit/…
The Corporate Debtor's…